PTR.L

PetroNeft Resources Plc
Petroneft Resources - Company Update
5th September 2023, 15:00
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 4626L
Petroneft Resources PLC
05 September 2023
 

PetroNeft Resources plc

5 September 2023

 

PetroNeft Resources plc ('PetroNeft' or 'the Company')

 

COMPANY UPDATE

 

PetroNeft announces that loan settlement agreements have been concluded with the remaining debt finance holders as reported below.

Background

Following on from the signing of a loan settlement agreement with Petrogrand ("Petrogrand Loan Settlement") announced on 2nd August, the Company has concluded further debt settlement agreements with all parties to the Company's remaining three term loan facilities.

 

Debt Type

Balance -

(US$ M)

Concession % (on Principal)

Concession % (on Interest)

Cash Settlement

(US$ M)

2019 Convertible notes

0.63

90%

100%

0.05

2021 Convertible notes

1.29

90%

100%

0.10

Convertible loan from Belgrave Naftogas B.V.

1.07

90%

100%

0.08

Total

2.99

90.0%

100%

0.23

 

 

The terms of the loan settlement agreements are:

 

·    PetroNeft to pay US$0.23M representing 10% of outstanding principal of US$2.3M within seven days of receiving funds from the sale of Lineynoye LLC (owner of Licence 67).

 

·    Lenders will waive 100% of the accumulated interest (US$0.69M).

 

·    The cash settlement amounts will be amended for any withholding tax deducted at source in Russia and any adverse Rouble/Dollar exchange movements.

 

·    The loan agreements are conditional on the successful closure of the sale of Lineynoye LLC.  PetroNeft announced on 14th June 2023 that it had entered into a non-binding conditional Heads of Terms to sell its entire interest in Lineynoye LLC, the subsidiary through which the Company holds its interest in Licence 67, to Pavel Tetyakov (CEO of PetroNeft).

           

These agreements, together with the Petrogrand Loan Settlement, reduce the outstanding debt as of 30th June 2023 from US$5.64m to US$0.92M.

 

Natlata Partners Limited holds c. US$196,000 and US$138,000 of the 2019 Convertible notes and 2021 Convertible notes respectively. Natlata Partners Limited is a major shareholder of PetroNeft.  Consequently, this aspect of the debt restructuring when aggregated with the Petrogrand Loan Settlement constitutes a related party transaction pursuant to the AIM and Euronext Growth Rules.

The directors of the Company, having consulted the Company's nominated advisor and Euronext Growth adviser, consider the terms of the loan settlement agreement with Natlata Partners Limited to be fair and reasonable insofar as the Company's independent shareholders are concerned.

For further information, contact:


Pavel Tetyakov, CEO, PetroNeft Resources plc

+353 1 6470280

Brian Garrahy/Ciara Mongain, Davy (NOMAD and Euronext Adviser)      

+353 1 679 6363

Paul O'Kane, Murray Consultants

+353 1 498 0300

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDZELFBXKLXBBK ]]>
TwitterFacebookLinkedIn